GelStat Corporation ("Gelstat," the "Company") (PINKSHEETS: GSAC), a pioneer in the development and marketing of next-generation OTC pain relievers, today announced that James La Flamme, a highly regarded healthcare industry executive, has been appointed to the Company's board of directors.
"We are very pleased that Jim has agreed to serve on our board. His substantial achievements in the healthcare field will be extremely beneficial to the Company as we continue to improve and rebuild our business," said Richard Ringold, GelStat's CEO and chairman of the board. "Jim is an experienced, results-oriented leader, and makes a great addition to our board. His skill set is ideally suited to GelStat's current needs."
La Flamme is recognized as one of the premier operations and turnaround experts in the healthcare field, with multiple successes to his credit. His areas of expertise include operational improvement and financial turn-around, pharmaceutical product marketing and distribution, organization redesign, board relations, and implementing transformation strategies to maximize the value of businesses.
La Flamme's appointment to the board brings the number of independent members to two out of a total of three directors, and marks further progress in the previously reported plan to improve the Company's operating and financial performance. La Flamme joins Michael Chavanu, a successful business executive and proven entrepreneur who also recently joined the GelStat board. Chavanu has direct experience in bringing start-up businesses to profitability through growth, most recently building GPAC, Inc. into a successful environmental business that has generated more than $80 million in revenue. "These two new board appointments underscore our Company's commitment to transform and move the business in a positive direction," Ringold said.
"I am excited to have a proven industry executive like Jim La Flamme join our board," added Chavanu. "Jim has a very strong reputation in strengthening the value of healthcare businesses, and also brings extensive pharmaceutical sales and marketing experience to the Company. We look forward to the opportunity to work with him to help the Company achieve its full potential."
"I look forward to applying my years of relevant experience to ensure that we capitalize on the opportunities represented by the Company and products such as GelStat Migraine," stated La Flamme. "I have two major interests that converge with GelStat: healthcare and operational excellence. The Company is unique in its potential to deal with a number of significant global human health ailments if we can successfully execute. I am confident that we can address our near-term challenges and become a significantly stronger company."
About James B. La Flamme
Mr. La Flamme brings over 25 years senior management, executive leadership and operations expertise from a variety of healthcare settings. He is currently a senior executive with Galloway Consulting, a well-recognized firm specializing in operational improvement and financial turn-around in the healthcare industry, and assisting leaders to rapidly implement lasting improvement throughout their organizations. Prior to joining Galloway in 2004, La Flamme was CEO of McKee Medical Center, an organization with 900 employees and more than $100 million in revenue, as well as holding a number of other senior executive positions within the healthcare field.
La Flamme has also served on a number of pharmacy advisory boards during his career, primarily focused on marketing and sales. He currently sits on the advisory board for FFF Enterprises, one of the largest distributors of biopharmaceuticals, vaccines and blood products in the United States. La Flamme began his career as a clinical pharmacist, and graduated with a BS in Pharmacy from the University of Connecticut. He also holds a Masters degree in Management from Indiana Wesleyan University, and is a Diplomate of the American College of Healthcare Executives.
About GelStat Corporation
GelStat Corporation is dedicated to providing safe and effective over-the-counter (OTC) treatments for pain and inflammation. GelStat's first product, GelStat(TM) Migraine, is sold nationwide through approximately 16,000 retail chain stores and 4,000 independent retailers and pharmacies.
GelStat Migraine is a sublingually (under the tongue) administered OTC medication for acute relief from the pain and associated symptoms of migraine. Over 90 percent of the 30 million Americans with migraine use OTC headache remedies, generally aspirin or other non-steroidal anti-inflammatory drugs. Americans spend $2.6 billion each year on 600 million units of such products, though they are believed to be effective for only about 25 percent of those with moderate to severe migraine. The initial clinical trial of GelStat Migraine showed it to be effective for 83 percent of those with moderate to severe migraine.
The Company also has a suite of additional, effective healthcare products that address large consumer markets. GelStat(TM) Arthritis is the second available product to utilize GelStat's patent pending formulation. It is provided as a daily use, sublingual dissolving tablet. Arthritis and chronic joint symptoms are among the most common medical complaints in the United States. The Center for Disease Control estimates that, in its many forms, arthritis affects up to 70 million Americans, causing significant, often long-term pain and disability. Typical arthritis medications often provide only marginal relief, and are increasingly associated with frequent and significant side effects such as gastrointestinal bleeding, stroke, heart attack and potentially life-threatening skin reactions.
The Company has also developed "GelStat(TM) Sinus" and "GelStat(TM) Sleep," and believes that each of these products performs well and is effective for its intended use. The National Institute of Allergy and Infectious Disease estimates that 37 million Americans are affected by sinusitis every year, with at least 20 million more suffering from allergies. Approximately 70 million Americans are reported to be "problem sleepers."
For more information, visit www.gelstat.com
Safe Harbor Statement Under the Private Securities Litigation Act of 1995
With the exception of historical information, the matters discussed in this press release are forward-looking statements that involve a number of risks and uncertainties. The actual future results of GelStat could differ significantly from those statements. Factors that could cause actual results to differ materially include risks and uncertainties such as the inability to finance the company's operations or expansion, inability to hire and retain qualified personnel, changes in the general economic climate, including rising interest rate and unanticipated events such as terrorist activities. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" or "continue," the negative of such terms, or other comparable terminology. These statements are only predictions. Although we believe that the expectations reflected in the forward-looking statements are reasonable, such statements should not be regarded as a representation by the Company, or any other person, that such forward-looking statements will be achieved. We undertake no duty to update any of the forward-looking statements, whether as a result of new information, future events or otherwise. In light of the foregoing, readers are cautioned not to place undue reliance on such forward-looking statements. For further risk factors see the risk factors associated with our Company, review our SEC filings.